Tuca Zbarcea & Asociatii has advised Accel Partners as lead investor in a USD 153 million Series B funding round for UiPath, a leading enterprise robotic process automation software company.
New investors CapitalG and Kleiner Perkins Caufield & Byers joined Accel, already an existing investor, in contributing. UiPath seed investors Earlybird’s Digital East Fund, Credo Ventures, and Seedcamp also participated significantly in the round.
American firms Fenwick & West (advising Accel), and Gunderson Dettmer (advising UiPath) also worked on the deal.
According to an UiPath press release, the company eclipses a USD 1.1 billion valuation — making it the first Romanian tech start-up to do so — which "validates RPA as a strategic imperative for digital transformation and path to AI."
Tuca Zbarcea & Asociatii previously advised Accel on the initial EUR 30 million Serie A capital raise in April 2017 (as reported by CEE Legal Matters on May 5, 2017).
According to the UiPath press release, the company, which was launched in 2015, has become the most widely adopted enterprise robotic process automation platform. The company’s software enables therapid design and deployment of software robots (digital workers) that perfectly emulate and execute repetitive processes, boosting business productivity, ensuring compliance and enhancing customer service across both back-office and front-office operations."
In 2017, UiPath’s enterprise customer base grew from less than 100 customers to more than 700, resulting in 8x growth in annual recurring revenue. New customers include BMW Group, Dairy Farm Group, Dentsu Inc., Huawei, and Sumitomo Mitsui Financial Group.
The new financing will be used to accelerate the company’s product roadmap, particularly innovations that integrate machine learning and AI algorithms within customers’ digital business operations. UiPath will also continue expansion of its global operations with new offices in Amsterdam, Houston, Munich, Paris, Seoul, and Washington D.C. this quarter. The company now employs more than 590 professionals across 14 countries.
Accel led both Series A and Series B capital raises, and Accel Partner Rich Wong will join Accel Partner Luciana Lixandru on UiPath's board of directors.
Daniel Dines, co-founder and CEO for UiPath, said: “I am thrilled to have such a strong set of investors and thought leaders supporting UiPath, and I am especially grateful for the continued support of Accel. RPA is proving to be an unrivaled technology for driving real digital transformation and delivering better business outcomes incredibly fast. With our tremendous growth in 2017, it is now clear that every organization in the world can benefit significantly from RPA. With the substantial commitment today by Accel, CapitalG and Kleiner Perkins, we are deepening our resolve to accelerate the delivery of AI through the UiPath platform, helping organizations and workers quickly become more sophisticated in everything they do.”
Rich Wong, Partner at Accel, added, “Accel had the great fortune to lead UiPath’s Series A investment in 2017, and we are excited to deepen our partnership with UIPath with today’s financing. In one short year, we’ve watched as the company’s business performance has exploded, amassing hundreds of new customers as RPA has become one of the fastest growing categories in enterprise. I’m thrilled to join the UiPath board of directors alongside Accel partner Luciana Lixandru and look forward to supporting their continued growth and market leadership.”
And Accel Partner Luciana Lixandru added: “When I first met Daniel, I was inspired by his vision to use RPA to drive digital transformation, and by his focus on building the leading product in the space. UiPath already had significant inbound interest for its software and was selling to blue chip companies around the world, including the U.S. Since we first invested in 2017, demand from new and existing customers has accelerated, resulting in phenomenal company growth. We’re delighted to be reinvesting and to continue supporting this ambitious company.”
The Tuca Zbarcea & Asociatii team was led by Partner Sorin Vladescu and Managing Associate Mihaela Nyerges and included Partner Gabriela Anton, Managing Associates Alexandra Pereș, Andreea Oprisan, Bogdan Halcu, Ciprian Timofte, and Mihai Anghel.